Hong Kong

AML / KYC

SFC Enables Technology Approach for Overseas Client Onboarding

By Manesh Samtani | 01/07/2019

From 5 July, intermediaries can access embedded data in client identity documents for onboarding. Captured biometric data such as a facial image can be used for identity verification.

Market Infrastructure

JBA Responds to Hong Kong OTC Derivatives Consultation

By Editors | 28/06/2019

The Japanese Bankers Association asks the HKMA and SFC to develop rules that automatically assign the UTI generation responsibility, rather than rely on bilateral agreement between counterparties.

Enforcement

HKEX Official Arrested in ICAC-SFC Joint Operation

By Editors | 27/06/2019

The ICAC has arrested the former joint head of IPO vetting for HKEX, and two others, for “suspected corruption and misconduct” in relation to the vetting of listing applications.

Securities / Derivatives

SFC Orders Freezing of More Assets Linked to Manipulation Case

By Editors | 26/06/2019

The SFC has ordered more brokers to stop dealing with and processing assets linked to suspected market manipulation of Ding Yi Feng shares.

Capital / Liquidity

HKMA Rules on Bank Exposure Limits to Take Effect From 1 July

By Editors | 25/06/2019

Under the rules, authorised institutions are subject to a statutory limit of 25% of capital on financial exposure to any one person or group of related persons.

Securities / Derivatives

Stock Connect Investors Gain Access to Onshore Yuan Rates

By Editors | 24/06/2019

Under the new arrangement, northbound Stock Connect investors will be able to hedge yuan exposures using the onshore exchange rate for the first time.

AML / KYC

Hong Kong AML/CFT Regime Under FATF Spotlight

By Ralph Cunningham | 24/06/2019

The report on the APG-FATF joint assessment is expected to be published in September, and show that Hong Kong still has some work to do.

Market Infrastructure

ASIFMA Standardises Underwriter Documentation for Hong Kong IPOs

By Manesh Samtani | 24/06/2019

The initiative will promote efficiency and reduce costs and legal risks by offering standardised forms for agreements among underwriters and between underwriting syndicates.

Enforcement

Hong Kong SFC Releases 2018-19 Annual Report

By Editors | 24/06/2019

The SFC is working to introduce an investor identification regime for southbound Stock Connect trading in mid-2019, and considering adopting a market-wide circuit breaker mechanism.